Just wondering if the new firms have the right to ask me to pay my outstanding PHCN bill.

area_boy1: Just wondering if the new firms have the right to ask me to pay my outstanding PHCN bill.

Absolutely.....debtors (customers indebted to a company) are part of the assets to be inherited by the companies...just like any other assets.

So you should work out ways to pay whatever you are owning.

Thanks for your response. I thought debts are liabilities and if they are not,the workers being paid off right now should also be considered assets.From my understanding,the successor companies didn't inherit PHCN liabilities.

gurnam:

Absolutely.....debtors (customers indebted to a company) are part of the assets to be inherited by the companies...just like any other assets.

So you should work out ways to pay whatever you are owning.

area_boy1: Just wondering if the new firms have the right to ask me to pay my outstanding PHCN bill.

You will be pursued for the outstanding bill.

polio,pursued by whom?The same successor companies that didn't inherit PHCN workers as assets?

Polio:

You will be pursued for the outstanding bill.

I think the companies first piority is to block all revenue leakages including recovery of cost

area_boy1: Thanks for your response. I thought debts are liabilities and if they are not,the workers being paid off right now should also be considered assets.From my understanding,the successor companies didn't inherit PHCN liabilities.

Recoverable debts are not liability to any company...but an asset. However there is always provision for such exposure and the amount depends on the age of debt and the type of debtor.

There is no where in the world where a company will take up the payment of gratuities and other terminal benefits of the staff in a company winding up as part of liabilities to be taken over (when they were not party to negotiations and agreements on such entitlements), unless they are employing such as staff on their own.

Of course..there would have been liabilities inherited by the successor companies..such as vendors....suppliers/contractors and other creditors.

WOW! Thanks for educating me further on this.Also got some clarifications from an accountant friend of mine.

gurnam:

Recoverable debts are not liability to any company...but an asset. However there is always provision for such exposure and the amount depends on the age of debt and the type of debtor.

There is no where in the world where a company will take up the payment of gratuities and other terminal benefits of the staff in a company winding up as part of liabilities to be taken over (when they were not party to negotiations and agreements on such entitlements), unless they are employing such as staff on their own.

Of course..there would have been liabilities inherited by the successor companies..such as vendors....suppliers/contractors and other creditors.

Polio:

You will be pursued for the outstanding bill.